QUESTION 21 A statewide real estate company specializes in selling farm property

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QUESTION 21 A statewide real estate company specializes in selling farm property in the state of Nebraska. Their records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, they believe that the mean selling time is now greater than 90 days. A statewide survey of 101 farms sold recently revealed that the mean selling time was 94 days, with a standard deviation of 22 days. At the.05 significance level you will test to determine if there has been an increase in selling time. What will be your alternate hypothesis? T T | ? Paragraph : Arial 3(12pt) :-. I-. T-2-e Path: p QUESTION 22 A statewide real estate company specializes in selling farm property in the state of Nebraska. Their records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, they believe that the mean selling time is now greater than 90 days. A statewide survey of 101 farms sold recently revealed that the mean seiling time was 94 days, with a standard deviation of 22 days. Ai the.05 significance level you wil test to determine it score since we do not know the population standard deviation? there has been an increase in selling time. What will be your critical value assuming we wil use a t TTT ? Paragraph : Arial : 3(12pt) :,-. T. 2 3 4 5 6 8

Explanation / Answer

21)
Ha: mu > 90

as we need to check if the mean selling time is greater than 90 days

22)
df = n-1= 101-1 = 100
t-critical for 0.05 significance level =
=T.INV.2T(0.05,100)    {using excel , same can be seen in t-distribution table}
=1.983971519

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